Executive Summary

Q1 FY26 results: revenue $0.10M and net loss $(5.72)M; EPS $(0.11). Revenue was up from $0.00M YoY and above S&P Global consensus ($0.025M*), while EPS missed consensus (est. $(0.07)*) given higher R&D as pipeline accelerated .
Cash, cash equivalents and investments were $49.6M at 9/30/25; with the October underwritten offering ($50M, plus potential $50M on warrant exercise), management now guides runway into Q4 FY27, reducing near‑term financing risk .
Strategic momentum: new non‑human primate PK data for IBIO-610 predicts human half‑life up to 100 days (supporting twice‑yearly dosing), reinforcing fat‑selective, GLP‑1–synergistic obesity profile; company regained Nasdaq bid-price compliance on Nov 4, 2025 .
Key stock narrative: obesity pipeline differentiation (IBIO-610, IBIO-600) and extended cash runway are near‑term catalysts; the quarter’s EPS shortfall was driven by planned R&D ramp to advance lead assets .

What Went Well and What Went Wrong

What Went Well

IBIO-610 non‑human primate PK suggests human half‑life up to 100 days, enabling dosing as infrequently as twice per year—potentially a convenience advantage in obesity maintenance settings .
Revenue returned to positive territory ($0.10M) vs $0.00M in the prior‑year quarter; cash and securities totaled $49.6M at quarter‑end with runway guided into Q4 FY27 post offering .
Compliance and capital: regained Nasdaq bid-price compliance (Nov 4) and closed a $50M underwritten offering with additional $50M potential upon warrant exercise, bolstering balance sheet flexibility .

Management quote: “The results demonstrate an extended half-life and the potential for highly convenient, low-frequency dosing…reinforce IBIO-610’s promise as a next-generation therapy for cardiometabolic and obesity diseases.” – Martin Brenner, CEO/CSO .

What Went Wrong

EPS missed consensus (actual $(0.11) vs est. $(0.07)*) as R&D expenses increased to $3.6M to support IBIO‑610, IBIO‑600 and other preclinical assets .
Net loss widened YoY to $(5.72)M from $(3.99)M on higher R&D, despite modest G&A reduction; scale remains limited with $0.10M revenue .
No quantitative revenue/margin guidance was provided; near‑term fundamentals remain driven by R&D cadence and data milestones rather than operating leverage .

Financial Results

Sequential trend vs. estimates

Metric	Q3 FY25	Q4 FY25	Q1 FY26 Estimate	Q1 FY26 Actual
Revenue ($USD Millions)	—	$0.20*	$0.025*	$0.10
Net Income ($USD Millions)	$(4.90)	$(5.16)*	—	$(5.72)
Diluted EPS ($)	$(0.49)	$(0.36)*	$(0.07)*	$(0.11)

Values with asterisks (*) retrieved from S&P Global.

Notes:

Q3 FY25 net loss and EPS are from company disclosure; revenue not provided in that release .
Q4 FY25 quarterly figures marked with asterisks are from S&P Global; company furnished annual, not quarterly, details in the FY press/8-K .

Year-over-year (YoY) comparison – Q1 FY26 vs Q1 FY25

Metric	Q1 FY25 (3 mo. ended 9/30/24)	Q1 FY26 (3 mo. ended 9/30/25)
Revenue ($USD Millions)	$0.00	$0.10
R&D Expense ($USD Millions)	$1.30	$3.55
G&A Expense ($USD Millions)	$2.80	$2.50
Operating Loss ($USD Millions)	$(4.11)	$(5.95)
Net Loss ($USD Millions)	$(3.99)	$(5.72)
Diluted EPS ($)	$(0.46)	$(0.11)
Weighted Avg. Shares (Millions)	8.63	52.98

KPIs and balance sheet

KPI	Q1 FY26
Cash, cash equivalents and investments in debt securities	$49.6M
Runway guidance	Into Q4 FY27
Interest income (quarter)	$0.27M
Interest expense (quarter)	$0.04M

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Corporate	Not previously guided to Q4 FY27	Into Q4 FY27	Raised/extended
Revenue	FY26	Not provided	Not provided	Maintained (no guidance)
Margins/OpEx	FY26	Not provided	Not provided; R&D to support IBIO‑610/600	Maintained (no formal guidance)

No dividend or tax rate guidance disclosed .

Earnings Call Themes & Trends

No Q1 FY26 earnings call transcript was available in the document set searched (none found for the period). Trend themes below reflect company communications (press releases/8‑Ks).

Topic	Previous Mentions (Q3 FY25 – May 2, 2025)	Previous Mentions (Q4 FY25 – Sep 5, 2025)	Current Period (Q1 FY26)	Trend
Obesity pipeline – IBIO‑610 (Activin E)	In‑licensed activin E antibody; early in vivo results	Development candidate, mouse data: 26% fat mass reduction; NHP study initiated	NHP PK half‑life 33.2 days; predicted human ~100 days; potential twice‑yearly dosing	Strengthening
Myostatin program – IBIO‑600	NHP data: extended half‑life; dose‑dependent muscle growth	Long‑acting anti‑myostatin; target 2026 regulatory submission reiterated	Continues as a lead asset in cardiometabolic franchise	Stable/advancing
GLP‑1 synergy/maintenance	Synergistic weight loss noted with activin E + semaglutide in preclinical	Positioning for fat‑selective loss and maintenance post‑GLP‑1	Reinforced mechanism and maintenance potential in communications	Reinforced
Financing and liquidity	$6.2M warrant inducement; cash ~$10.5M as of May 1	$50M offering completed; potential to $100M gross proceeds	$50M offering closed; $49.6M cash & debt securities; runway to Q4 FY27	Strengthened
Listing/Compliance	Uplisted to Nasdaq	Nasdaq trading continuing	Regained bid-price compliance Nov 4	Resolved risk
AI/Computational platform	Emphasized enabling difficult targets	Continues to underpin discovery	Highlighted as enabler of long‑acting Activin E antibody	Consistent

Management Commentary

“Unveiling our promising non-human primate data for IBIO-610…marked a pivotal milestone…extended half-life and the potential for highly convenient, low-frequency dosing…reinforce IBIO-610’s promise as a next-generation therapy for cardiometabolic and obesity diseases.” – Martin Brenner, CEO/CSO .
“Our AI-enabled discovery platform has accomplished what was long considered extremely difficult - creating potentially a first-in-class long-acting antibody against Activin E.” – Martin Brenner .
“The pharmacokinetic data…demonstrates IBIO-610 has an extended half-life in obese NHP of 33.2 days…predicted…human half-life of up to 100 days, reducing the dosing frequency to once every six months.” – Company disclosure .
CFO context (prior quarter/year): disciplined expense management and funding initiatives to advance obesity/cardiometabolic pipeline .

Q&A Highlights

No Q1 FY26 earnings call transcript located; no Q&A excerpt available for this quarter (none found between Aug–Dec 2025 in the document library) [ListDocuments: earnings-call-transcript 0 results in period].

Estimates Context

Revenue: $0.10M actual vs $0.025M S&P Global consensus estimate* — material beat, aided by modest collaboration/other revenue recognition .
EPS: $(0.11) actual vs $(0.07) S&P Global consensus estimate* — miss driven by deliberate R&D step‑up ($3.6M vs $1.3M YoY) as pipeline advances .

Values marked with asterisks (*) retrieved from S&P Global.

Key Takeaways for Investors

The obesity franchise de‑risked on convenience: NHP PK supports predicted ~100‑day human half‑life for IBIO‑610, positioning for twice‑yearly dosing and potential maintenance therapy post‑GLP‑1s .
Liquidity risk reduced: $49.6M in cash and securities at quarter‑end and runway into Q4 FY27 following the October offering; warrant exercise could add up to $50M more gross proceeds .
Print was mixed vs Street: revenue beat but EPS missed; variance reflects intentional R&D acceleration to progress IBIO‑610/600; near‑term “P&L beats” secondary to data/milestone cadence .
Compliance overhang cleared: Nasdaq bid‑price deficiency closed Nov 4, improving technical standing and potential investor access .
Near‑term catalysts: additional IBIO‑610 preclinical readouts, partnering updates, and IBIO‑600 program progress; watch conference disclosures and any IND‑enabling steps .
Estimate path: likely upward adjustment to revenue run‑rate from a small base; EPS estimates may trend lower near‑term given R&D intensity, then inflect with partnering or milestone income .
Risk/reward: development-stage profile with limited revenue; execution on preclinical-to-clinical transition and financing optionality will dominate equity narrative .

iBio, Inc. (IBIO)·Q1 2026 Earnings Summary